Consumer Borrowing in U.S. Rose at Faster Pace in September (REJOICE!)

``Borrowing probably remained elevated in October in the wake of the strongest back-to-back months of motor vehicle sales in 15 years. Having made progress in restoring their balance sheets after the last recession, some households are more willing to finance purchases as the labor market continues to improve.'' -- We're not sure about that explanation. It could just as be that people's old clunkers are finally biting it, and they are simply taking advantage of loose credit (i.e. subprime) on new autos. The higher credit card balances doesn't seem to us to be a harbinger of anything good (as anyone who has carried a higher balance on their credit card because of coming up short at the end of the month knows)...